Artificial Intelligence has been highlighted by legal professionals as a lucrative economic opportunity, with predictions suggesting the market in the nation could reach $4.64 billion by the year 2030. During a recent event in Lagos, representatives at the inaugural Nigerian Bar Association Ikeja Branch Business Forum highlighted the projected growth of the global AI market to $15.7tn by 2030. During his keynote speech titled AI and Corporate Governance: Shaping the Future for Businesses, Mr. Desmond Oriakhogba emphasized the potential growth of Nigeria’s AI market to $4.64bn by 2030.
He credited the expansion to a rise in understanding of AI’s potential and the establishment of key alliances. The positive outlook is a result of the nation’s growing commitment to advancing AI technologies and conducting research in the field. Oriakhogba emphasized the collaboration between the Nigerian government and Private Sector in utilizing AI to stimulate Economic Growth and development in multiple sectors. Oriakhogba highlighted the opportunities for generating employment, streamlining business operations, and advancing service quality in industries like healthcare, finance, and Agriculture as Nigeria embraces and incorporates AI advancements.
Contrast between narrow AI and Artificial General Intelligence.
Also, he emphasized the importance of implementing strong regulatory structures to promote ethical and responsible usage of AI, acknowledging the potential advantages and obstacles that lie ahead. Oriakhogba elaborated on the continuous evolution of AI, emphasizing its dependence on the progress made in information and communication technologies. AI encompasses a wide range of technologies and systems that are designed to replicate human tasks through methods such as machine learning, fuzzy logic, logic programming, and neural networks. He provided more detail on the different classifications of AI, specifically highlighting the contrast between narrow AI and Artificial General Intelligence.
Within various industries including entertainment, scientific research, education, healthcare, and corporate governance, Generative AI, a branch of Narrow AI, has the capability to independently produce original text, images, music, and videos, thereby presenting revolutionary possibilities. Scientists are anticipating the emergence of AGI, which could potentially exceed human intelligence, around 2030. Uncertainty surrounds whether AGI will actually come to fruition by that time, but it is crucial that they begin preparing for its potential effects, he noted. Oriakhogba highlighted the wide-reaching influence of AI across multiple industries such as legal systems, corporate ethics, governance structures, democratic processes, gender parity, human rights, and legal principles.
This tech is among the top five technologies causing major disruptions.
Nevertheless, he warned of the potential for AI to widen disparities in society, politics, and the economy, causing disproportionate harm to marginalized populations such as individuals with disabilities, the elderly, children, and women. Oriakhogba highlighted the dual nature of the opportunities and challenges that AI brings to corporate governance. He expressed that this Technology is among the top five technologies causing major disruptions. While it can improve decision-making, cybersecurity, and risk management, it also brings risks like cybersecurity threats, data breaches, and ethical issues.
Furthermore, he emphasized the importance of human supervision to guarantee ethical and impartial decision-making. Praising Nigeria’s government for its forward-thinking approach to AI advancement, Oriakhogba highlighted key efforts like creating the National Centre for AI and Robotics and formulating a national policy on AI. He emphasized the importance of a regulatory framework that promotes ethical standards, transparency, and accountability in order to encourage Innovation in the field of AI. Dr. Hakeem Ogunniran, a corporate governance expert and the Chairman of the Lagos Building Investment Company, emphasized the importance of corporate governance and discussed how AI is revolutionizing business practices.
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Additionally, he explained that at the core of corporate governance are three key inquiries: the identity of the company’s owners, the intended beneficiaries of the company’s operations, and the mechanisms and structures governing its functioning. He emphasized the important distinction between ownership and control within corporate governance, pointing out that while shareholders have ownership of the company, it is the board and management who have control over its operations. Although AI can support and improve operations, the main priority in corporate governance should remain the end result. Ogunniran emphasized the importance of being accountable for decisions, rather than just focusing on decision-making.